When it comes to buying or selling a property, a purchase agreement is an important legal document that outlines the terms of the sale. However, circumstances may arise where you need to modify or add to the terms of the original agreement. This is where a purchase agreement addendum comes in handy.
A purchase agreement addendum is a document that is attached to the original purchase agreement and modifies or adds to its terms. This document is legal and binding, and it ensures that all parties involved in the transaction are on the same page.
Here is an example of a purchase agreement addendum:
PURCHASE AGREEMENT ADDENDUM
This Purchase Agreement Addendum (the “Addendum”) is entered into by and between [Seller Name], (the “Seller”) and [Buyer Name], (the “Buyer”) on the [Date of Addendum].
WHEREAS, the parties entered into a Purchase Agreement (the “Agreement”) on the [Date of Original Agreement] for the sale of [Property Address] (the “Property”); and
WHEREAS, the parties desire to modify the Agreement as follows:
1. Purchase Price – The purchase price shall be increased by $[Amount] and shall be paid to the Seller at closing.
2. Closing Date – The closing date shall be extended to [Date].
3. Inspection – Buyer shall have [Number] days from the date of this Addendum to complete any inspections of the Property.
4. Financing Contingency – The Buyer’s obligation to purchase the Property is contingent upon obtaining financing in the amount of $[Amount] at an interest rate not to exceed [Percentage].
5. Additional Terms – Any additional terms agreed to by the parties shall be included in this Addendum and shall be considered a part of the Agreement.
IN WITNESS WHEREOF, the parties have executed this Addendum as of the date first above written.
SELLER: [Seller Name]
BUYER: [Buyer Name]
As you can see, a purchase agreement addendum is a simple document that provides a clear and concise means of modifying or adding to the original purchase agreement. When executed properly, it will ensure that all parties involved are satisfied with the terms of the sale and that the transaction moves forward smoothly.
In conclusion, if you are involved in a real estate transaction and need to modify or add to the original purchase agreement, a purchase agreement addendum is the way to go. Just make sure that it is executed properly and that all parties involved are aware of its terms. With this in mind, you can proceed with confidence knowing that your purchase or sale of real estate is in good hands.